bissett bullet: think results. not services
today’s bissett bullet: “productivity is key for most business owners.”
by martin bissett
today's features
steve yoss: automating data entry reconciliations with ai | quick tech talks
save time and reduce errors with automated transaction mapping.
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quick tech talk
with steve yoss
cpe today
artificial intelligence is a game-changing technology. its ability to take on tedious processes allows accountants to focus on higher-value work. a prime example is bank feeds in applications like quickbooks, xero, and other accounting platforms.
more steve yoss
more tech
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bank feeds already streamline workflows by pulling transaction data directly into accounting systems, but ai takes it further. it can automatically match transactions to existing entries, intelligently categorize expenses, and continuously improve its accuracy based on user input and patterns from other businesses.
ron baker: visions for the accounting profession | arc
“i’d rather have questions i can’t answer than answers i can’t question.”
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accounting arc
with donny shimamoto.
center for accounting transformation
ron baker discusses his revolutionary journey in accounting, his challenge to the status quo, and how accountants can lead transformation.
in the latest episode of accounting arc, baker, founder of the verasage institute, shares his insights into the accounting profession’s evolution. a pioneer in value pricing, baker’s career is defined by a relentless pursuit of better client relationships and innovative business models.
more accounting arc: angie grissom: next gen inspo for accountants | does accounting belong in stem? | rose wang: where numbers meet strategy and creativity | tiktok fraud exposes gaps in financial literacy | how accounting pros own the stage in public speaking | greg kyte: being a cpa is like being the marie kondo of numbers | rachel bashore: a lawyer’s case for reinventing accounting | beyond the basics in ethics eduction | bailey lenart: from ledger sheets to transformational change | election tax plans: what cpas need to know | leadership for the future: stakeholders, sustainability, and strategic vision |
“i knew i wanted to be a cpa in high school,” baker says. this passion led him to a big eight firm, but it wasn’t long before he began questioning traditional practices like the billable hour. “the billable hour was a lousy customer experience,” he explains.
challenges for the accounting profession: private equity, offshoring, training new hires
new tech will force firms to examine value pricing if they haven’t already.
by gale crosley
the rosenberg national survey of cpa firm statistics
private equity interest in the profession will continue. new pe organizations are dotting the landscape, showing interest in firms from the top to the near bottom of the market. family offices and esop investment bankers/consultants are appearing. in the future, firms will have multiple alternative sources of equity capital.
editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:
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- how do you think the next 12 months will unfold? trends? predictions? other thoughts?
- how would you assess the last 12 months? trends? observations? struggles?
more: recalibration is key for accounting profession | people development still a concern | focus on intentional growth | accounting firms upshift to corporate model | tech anxiety paralyzing some accounting firms | what’s going to happen? lots, say consultants | growth and complacency must concern accounting firms this year | solving staffing requires intention | how accounting firms are handling the staff shortage | the future of fees | as private equity closes in, firms seek new answers to staffing problems | when staffing falls short, clients get culled | how accounting firms are dealing with retirement | next five years are critical for accounting firms | staffing turnover’s down, but why? | what’s your firm worth? private equity wants to know | the new pipeline: outsourcing and offshoring | is this the last year of accounting’s golden age?
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private equities that have already invested are starting to more fully understand the vast operational differences between corporate america and cpa firms. this will put pressure on pe-backed firms to perform in more sophisticated ways. on the revenue growth side, corporate-world staples such as effective firmwide pipeline processes, professional sales organizations and a repeatable innovation (product management) process will start cropping up.
read more →
jackie meyer: earn more with fewer clients | the disruptors
create a win-win with “the roi method of value pricing.”
this is a preview. the complete 1-hour video episode, with commentary and transcript, is first available exclusively to pro members | go pro here
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the disruptors
with liz farr
in 2016, jackie meyer needed a change.
long hours, health issues, and missing out on her kids’ activities forced her to make a radical change. she leaned into tax advisory and tried a new value pricing methodology, which “tripled to quadrupled revenue for our clientele,” even after selling 60 percent of her clients.
more podcasts and videos: jack fleherty: don’t be a ‘yes’ person | greg adams: from finance to storytelling | the disruptors | jody padar: make radical changes now if you want to be relevant in 2030 | rebecca driscoll: amplify reach by helping other firm owners | rory henry: create the return on relationships | mike maksymiw: be the leader you wish you had | terrell turner: build a solid business showing up as yourself | kelly mann: be the bull in the china shop | alicia katz pollock: create a human-centric business | nancy mcclelland: be the one your clients ask first |alan whitman: stop accepting the status quo | sean duncan: discover your own genius | ingrid edstrom: true wealth is not financial | caleb jenkins: firm growth requires owners to shift roles |
“but the clients were equally happier to pay more, which is crazy.”
her pricing methodology revolves around a calculator she calls “the roi method of value pricing.” the aicpa will be sharing her pricing method with members, which meyer calls “a huge win for the profession.”
lauren clemmer: confidence, collaboration, and the future of accounting marketing | capstone conversations
firms that embrace marketing as a strategic priority unlock better opportunities.
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capstone conversations
by jean caragher
for 卡塔尔世界杯常规比赛时间
the world of accounting marketing is one of transformation, resilience, and adaptability. few individuals embody these qualities as profoundly as lauren clemmer, the former executive director of the association for accounting marketing (aam) and one of its most recent hall of fame inductees. in a recent capstone conversation, clemmer shared her journey, insights, and advice for navigating the challenges and opportunities in accounting marketing.
follow jean caragher on 卡塔尔世界杯常规比赛时间 here. | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | catch jean caragher’s other show, gear up for growth, on fridays here. | and browse all the shows in the 卡塔尔世界杯常规比赛时间 broadcast network here
clemmer’s career began outside the accounting industry, which initially presented challenges. she emphasized the importance of understanding accounting firm dynamics and building relationships with firm partners. “i had to learn how to communicate in a way that resonated with accountants,” she explains, citing her decision to invest in executive coaching to bridge communication gaps.
business-minded approach helps build a better firm
how this one attribute strengthens others.
by alan anderson, cpa
transforming audit for the future
“far and away the best prize that life offers is the chance to work hard at work worth doing.” – theodore roosevelt
when you think about business leaders like bill gates or reed hastings, the founder of netflix, it’s clear that these people did not create their empires by focusing on narrow measures like realization rates or increasing their profit margin. neither of these organizations would have become the household names they are if their founders had had such narrow views, and if they had not been able to move these very large companies in new directions in response to changes in the world.
more: are you looking at the big picture? | meet your client all year, not just during audit | give your audit teams tasks that increase business acumen | are you using the right business model? | give advice while remaining independent | stop mixing up your v’s and losing your best people | empower your team by dumping c and d clients | the new formula for an accounting business | how to upgrade c and d clients | eleven types of audit clients and which to fire | don’t risk losing good employees for bad clients | can a service center model solve audit staffing shortages? | don’t take on audits in an industry you don’t understand | four questions to make your firm more successful as a business
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business-mindedness in audit has deeper dimensions than making a reasonable profit and delivering an audit report on time. even if you’re not concerned about the future of audit, strengthening the attribute of business-mindedness in your firm will strengthen your firm and make it more attractive to clients and team members. let’s talk about some of the tangible benefits.
read more →
ten popular benefits that keep staff happy | listicle
by 卡塔尔世界杯常规比赛时间 research
today’s scarcity of accounting talent makes it all the more important to retain existing professionals and staff. salary alone won’t keep them happy. the most valued benefits often center around work-life balance, financial perks and career development.
here are the top 10 benefits that typically appeal to cpa office staff:
- flexible work arrangements. options like remote work, flexible hours and compressed workweeks are highly desirable for balancing personal and professional lives, especially during tax season. ask staff what they’d like.
- professional development and certification support. invest in your firm’s most important asset by covering costs for cpa exams, licensing, cpe credits and certifications. staff will appreciate, and the firm becomes stronger when staff knows more.
- competitive salary and bonuses. money talks! fair compensation, performance-based bonuses and profit-sharing are strong motivators, especially in an industry with rough seasonal demands. paying staff well is less expensive than trying to find new staff. surprise bonuses go a long way.
- health insurance and wellness programs. comprehensive health benefits, including mental health resources and wellness incentives, help staff stay healthy and resilient during high-stress times.
- paid time off (pto) and mental health days. generous pto policies, including paid mental health days, encourage a healthy work-life balance and help prevent burnout. if personnel have put in extra time during tax season, they deserve at least as much time off. four-day workweeks are especially appreciated in the summer. how about bonus vacation days during slow periods?
- retirement and financial planning assistance. a robust 401(k) match, retirement planning resources and financial education sessions are appreciated benefits. the promise of long-term financial security does much to ensure long-term retention.
- student loan repayment assistance. many cpas have student loan debt, so offering student loan assistance is a valuable benefit, easing financial stress and improving loyalty. after all, your firm is benefiting from the education that staff paid for. great way to attract new, trainable talent.
- career advancement opportunities. clear paths for promotion, mentorship programs and leadership development foster growth and engagement within the firm. be sure to consistently consult with personnel to understand where they want to go and how they want to get there.
- family-friendly benefits. parental leave, child care support and family-focused benefits resonate well because they demonstrate the firm’s understanding of family commitments. single parents appreciate help and understanding and will stick with a job that helps them work.
- workload management and seasonal assistance. hiring additional seasonal staff, outsourcing and managing workloads to avoid burnout during tax season are significant benefits for employee well-being. help existing staff understand how the seasonal assistance is making their lives easier.
if you’re serious abut retention – and you should be – look for the magic mix of benefits that keeps everybody happy and glad they work with you. and don’t try to guess what they want. ask them!
why cpas are best positioned to become financial advisors
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blake oliver is a cpa and the founder and ceo of earmark, an app that offers nasba-approved cpe and irs-approved ce credits for listening to your favorite accounting and tax podcasts. he also co-hosts the accounting podcast, the world’s most popular podcast for accountants. |
you have a lot of advice to offer beyond taxes.
by blake oliver
the holistic guide to wealth management.
“isn’t it ironic? we ignore those who adore us and adore those who ignore us.” – author ellen hopkins
every cpa i know wants to help clients make the best financial decisions. study after study shows cpas are their clients’ most trusted advisors because they have integrity, are prudent, and don’t engage in the hard sell, especially when it comes to financial services.
more: how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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most cpas claim to do tax planning. but how can you do proper tax planning without knowing a client’s financial goals? you need to know much more about a client than merely their tax liability. yet that’s often where the accountant’s relationship with their client stops every year. how many people have a great tax guy/tax gal whose only goal is to minimize their client’s tax liability? that’s their job, right?
read more →
susan bryant: set boundaries and elevate client services for better results | accounting influencers
accountants who stay silent risk disappointing–and probably losing–clients.
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accounting influencers
with rob brown
accountants, take charge of your client relationships, says susan bryant, cpa, in this episode of accounting influencers. bryant’s on a mission to empower accountants to refine their client base, set professional boundaries, and elevate client interactions to meet today’s high expectations.
bryant, a cpa and co-owner of a firm in plano, texas, has built her career on driving excellence in accounting. known for her expertise in advisory services, she’s passionate about transforming how accountants view client relationships and service delivery. “accountants today must redefine what a good client looks like,” bryant stated. “in this industry, it’s time to align with clients who truly value and respect the work we do and are ready to invest in that relationship.”
automation can be exciting in client accounting services
raise client expectations.
by hitendra patil
client accounting services: the definitive success guide
we know that cas generally constitutes three key service segments:
- after-the-fact financial statement preparation, i.e., “write-up,”
- business transaction processing and
- outsourced cfo and controller services.
more: eight steps for better client accounting services | do you have the client accounting services mindset? | four ingredients to your cas ‘why’ | cas clients are ‘stickier’
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tax planning/tax strategy services may also become part of your cas offering if you have interest/expertise in that segment.
have your clients’ needs changed now?
read more →
four steps could close the tax gap
the difference between what’s owed and what’s paid is $625 billion.
by 卡塔尔世界杯常规比赛时间 research
what’s more aggravating than paying all the taxes you owe while other people cheat?
maybe this: that the biggest tax cheats are the wealthy while it’s the lower-income taxpayers who get audited more.
more: art werner: how to turn tax prep into tax advisory | quick tax tip | art werner: navigating business structure decisions amid tax law changes | quick tax tip | tax season memo from staff to managing partner | is the irs adequately tracking corporate tax evasion? | irs still unsure how to measure audit rate | art werner: estate planning strategies | quick tax tip | art werner: post-mortem estate planning | quick tax tip | pause to praise the tax pro volunteers | irs vs. fraudsters | imagine! the national tax advocate does | art werner: maximizing fringe benefits
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the financial consequences of noncompliance are staggering. according to the annual public report issued by the internal revenue service advisory council, an estimated $688 billion in taxes went unpaid in 2021.
read more →
better communication = better retention
tips for policies, staff meetings and just plain fun.
by marc rosenberg
cpa firm staff: managing your #1 asset
“i have yet to find a company that has earned high levels of customer loyalty without first earning high levels of employee loyalty.” – frederick reichheld
we have discussed key ways to retain staff. this post looks at scheduling and managing, accountability, communication and ideas for having fun at the office.
more: eight strategies for recruiting | why developing women partners matters | a better way to provide performance feedback | training? cpe? they’re not the same | six tips for setting compensation | staff crave advancement and challenge | what leadership looks and feels at cpa firms | eleven things that good mentors do | give the recognition your staff needs | the importance of great bosses | how remote work is impacting accounting firms | make work flexibility work for everyone | why staff leave cpa firms … and how to stop them | how to solve the big disconnect in talent management | what relevance means for staffing in accounting | how accounting staffing has changed
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scheduling of staff
organized, effective centralized scheduling enables firms to staff client projects so the client work is promptly completed. other benefits:
- it matches staff with the assignments each needs to grow and develop technically. example: a staff member may have worked on nonprofits and needs more experience in the for-profit sector.